Cloud and Technology Archives - Alloy Silverstein https://alloysilverstein.com/category/cloud-and-technology/ South Jersey Accountants and Advisors Fri, 27 Feb 2026 15:01:29 +0000 en-US hourly 1 https://alloysilverstein.com/wp-content/uploads/cache/2020/01/cropped-favicon/1358732080.png Cloud and Technology Archives - Alloy Silverstein https://alloysilverstein.com/category/cloud-and-technology/ 32 32 124507950 AI in Tax Season: Risks, Scams, and How to Protect Your Data https://alloysilverstein.com/ai-in-tax-season-risks-scams-and-how-to-protect-your-data/ https://alloysilverstein.com/ai-in-tax-season-risks-scams-and-how-to-protect-your-data/#respond Thu, 05 Mar 2026 12:00:53 +0000 https://alloysilverstein.com/?p=47261 Tax season brings questions, deadlines, and decisions, and now in 2026, AI tools are often part of the mix. While AI can offer convenience, it’s important to approach it carefully to avoid mistakes and protect...

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]]> Tax season brings questions, deadlines, and decisions, and now in 2026, AI tools are often part of the mix. While AI can offer convenience, it’s important to approach it carefully to avoid mistakes and protect your personal information.

1. AI Can Help, But It Can’t Replace a CPA

Many people are beginning to turn to AI for quick answers or guidance. The truth is, when it comes to tax-related scenarios, almost every tax question comes with an “it depends” answer. Keep in mind that AI tools do not have the full context of your finances, state rules, or unique situations. Always review AI-generated advice with a human tax professional. Your CPA can catch nuances AI might miss and ensure your tax return is accurate.

2. Protect Your Personal Information (PII)

Never share sensitive details—like Social Security numbers, account numbers, or tax documents—with online chatbots or AI tools. In the event of a data breach, cybercriminals could exploit this data. Be cautious and always use secure methods to communicate with your tax advisor or financial institutions.

3. Watch Out for AI-Driven Scams

Scammers are increasingly using AI to create sophisticated phishing attempts. According to a recent Washington Post report, scammers are utilizing AI to generate deepfake voices, realistic scripts, and vishing (voice phishing) calls that impersonate IRS agents or other officials. They may claim you owe taxes or offer fake “resolution services.”

Tips to stay safe:

  • The IRS will never call or text demanding immediate payment or ask for gift cards.
  • Hang up on unsolicited calls and do not click links in unexpected messages.
  • Forward suspicious emails to phishing@irs.gov and delete them.
  • Verify any tax-related communication with your CPA or directly with the IRS.

4. Use AI Wisely

AI can help with general research, organizing financial documents, or estimating taxes… but it’s a starting point, not a final answer. Combine AI insights with professional guidance for a safe, effective tax season.

How Alloy Silverstein Can Help

At Alloy Silverstein, our CPAs stay ahead of tax law changes and emerging threats, including AI-driven scams. We guide clients safely through tax season, answer your questions, and help ensure your filings are accurate and secure.

Contact us today to discuss your tax situation and plan confidently this season.

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]]> https://alloysilverstein.com/ai-in-tax-season-risks-scams-and-how-to-protect-your-data/feed/ 0 47261 Digital Tools to Make Tax Season Easier https://alloysilverstein.com/digital-tools-to-make-tax-season-easier/ https://alloysilverstein.com/digital-tools-to-make-tax-season-easier/#respond Sun, 01 Mar 2026 12:00:26 +0000 https://alloysilverstein.com/?p=47255 Staying organized during tax season does not have to mean stacks of paper and last-minute searches for documents. Today’s digital tools can help individuals and business owners save time, reduce stress, and improve accuracy when...

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]]> Staying organized during tax season does not have to mean stacks of paper and last-minute searches for documents. Today’s digital tools can help individuals and business owners save time, reduce stress, and improve accuracy when preparing for filing—when used thoughtfully and securely.

Here are several examples and types of digital tools that can make tax season easier and more efficient for taxpayers.

Document scanning and organization apps

Mobile scanning apps allow you to capture receipts, statements, and tax documents using your phone. This is more than snapping a quick photo and storing it in your camera roll or sending documents through unsecured email. Many tools are designed to automatically organize files by date or category, making it easier to locate what you need when it’s time to file.

Keeping digital copies throughout the year can also reduce the risk of lost paperwork come tax season.

Expense trackers for personal and business use

Expense tracking tools help categorize spending and identify deductible expenses. For business owners, these tools can simplify recordkeeping and provide clearer visibility into cash flow.

Even for individuals, tracking expenses can help support deductions and improve financial awareness.

Online tax portals

Online portals provided by the IRS and state tax agencies allow taxpayers to securely access account information, payment history, and notices. Using official portals can help you stay informed, verify information, and reduce reliance on paper correspondence.

You can access these portals to check the status of your refund:

Secure cloud storage for tax documents

Storing tax documents in secure cloud-based systems allows for easy access when working with your tax professional. Cloud storage also helps ensure documents are backed up and available when needed. When choosing a platform, prioritize security features such as encryption and multi-factor authentication.

Your year-end tax and financial institution forms contain sensitive personally identifiable information (PII). Always be extra cautious when sending your documents to your CPA or tax preparer and opt for secure file transfers or a Client Portal whenever possible. Don’t sacrifice security for convenience, especially during tax season.

Budgeting and cash flow tools

Budgeting and cash flow tools can help you understand where your money is going and prepare for tax payments throughout the year. These tools are especially useful for individuals with variable income or business owners managing seasonal revenue.

Using tools wisely

Digital tools work best when paired with good habits. Regular uploads, consistent categorization, and periodic reviews can make a meaningful difference when tax season arrives. It is also helpful to check with your tax professional to ensure your tools align with their processes and information needs.

How Alloy Silverstein can help

At Alloy Silverstein, we help clients streamline tax preparation by pairing smart technology with thoughtful year-round guidance. The above tools are just a list of suggestions, but you can speak with your CPA and tax advisor for specific app or tool recommendations.  The right custom setup depends on your goals, your records, and how you work.

If you have questions about organizing your documents, improving your bookkeeping processes, or preparing for tax season more efficiently, our CPAs and Client Advisory Services team can help you build a secure, practical system that works for you all year long.

 

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]]> https://alloysilverstein.com/digital-tools-to-make-tax-season-easier/feed/ 0 47255 What’s a Tech Stack? What Business Owners Need to Know to Build One Custom for their Business [VIDEO] https://alloysilverstein.com/whats-a-tech-stack-what-business-owners-need-to-know-to-build-one-custom-for-their-business-video/ https://alloysilverstein.com/whats-a-tech-stack-what-business-owners-need-to-know-to-build-one-custom-for-their-business-video/#respond Mon, 23 Feb 2026 15:23:55 +0000 https://alloysilverstein.com/?p=47182 Let’s talk tech stacks. If you’ve heard the term but aren’t exactly sure what it means, you’re not alone. A tech stack is simply the combination of software, apps, and technology tools your business uses...

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]]>

Let’s talk tech stacks.

If you’ve heard the term but aren’t exactly sure what it means, you’re not alone. A tech stack is simply the combination of software, apps, and technology tools your business uses every day. Think of it as the backbone of your operations, the systems that support your accounting, payroll, marketing, communication, data tracking, and more.

When your tech stack is aligned and integrated, it works quietly in the background to make your business more efficient and scalable. When it’s not? It can slow you down in ways you may not even realize.

Why Your Tech Stack Matters

The right tech stack can:

  • Increase team efficiency

  • Improve the customer experience

  • Reduce manual work and human error

  • Support automation and reporting

  • Help your business scale without chaos

The wrong tech stack can lead to:

  • Wasted time on duplicate data entry

  • Frustrated employees dealing with disconnected systems

  • Poor visibility into performance metrics

  • Costly mistakes caused by manual processes

  • Technology you’re paying for but not fully using

Technology should simplify your operations, not complicate them.

What’s Typically Included in a Tech Stack?

Most business tech stacks include a mix of:

1. Financial Tools

Accounting software, payroll systems, expense tracking, invoicing platforms, and reporting tools.

2. Marketing Platforms

Email marketing software, CRM systems, social media management tools, and website platforms.

3. Analytics & Reporting

Dashboards, performance tracking tools, and business intelligence systems that help you make data-driven decisions.

But here’s the key: having the tools isn’t enough.

The Most Important Factor: Integration

The most critical part of any tech stack is integration.

If your apps don’t communicate with each other, you create bottlenecks. Data has to be entered multiple times. Reports don’t align. Automation becomes limited. And your team spends more time managing systems than growing the business.

An optimized tech stack allows your tools to “talk” to each other. Information flows seamlessly between platforms. Automation reduces repetitive tasks. Leadership gets accurate, real-time insights.

That’s where the real efficiency lives.

How to Know If Your Tech Stack Needs Attention

Ask yourself:

  • Are we manually transferring data between systems?

  • Do our reports require multiple spreadsheets to reconcile?

  • Are employees frustrated with our current tools?

  • Are we paying for software we barely use?

  • Does our technology align with our current business goals, or our old ones?

If you answered yes to any of these, it may be time for a tech stack assessment.

Aligning Technology with Strategy

Your tech stack shouldn’t just exist, it should support your business goals.

As your company grows, your needs change. What worked when you had five employees may not work when you have fifty. Scaling requires systems that are efficient, integrated, and built for growth.

At Alois Silver Centcom, we help businesses assess, optimize, and realign their technology to match their operational and financial goals. Whether it’s improving integration, reducing inefficiencies, or building a scalable infrastructure, the right adjustments can make a measurable difference.

Final Thoughts

Your technology should work for you, not against you.

If you’re unsure whether your current systems are supporting your growth or holding you back, a strategic review of your tech stack could uncover opportunities to save time, reduce costs, and improve performance.

If this topic resonated with you, consider sharing it with a business owner who might benefit. and reach out if you’re ready to take a closer look at your tech stack.

More Resources:

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]]> https://alloysilverstein.com/whats-a-tech-stack-what-business-owners-need-to-know-to-build-one-custom-for-their-business-video/feed/ 0 47182 Scammers Up Their Game With AI https://alloysilverstein.com/fall-2025-scammers-up-their-game-with-ai/ https://alloysilverstein.com/fall-2025-scammers-up-their-game-with-ai/#respond Tue, 09 Sep 2025 18:27:19 +0000 https://alloysilverstein.com/?p=33069 Scammers are stepping up their game with artificial intelligence, using it to create emails, calls, and texts that look and sound like the real thing. Here’s how they’re using AI and what you can do...

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]]> Scammers are stepping up their game with artificial intelligence, using it to create emails, calls, and texts that look and sound like the real thing. Here’s how they’re using AI and what you can do to stay protected.

AI-powered phishing attacks

AI can craft messages that look and sound authentic, tricking victims into clicking malicious links or providing personal information.

Deepfake scams

Scammers create realistic videos and audio clips that impersonate real people.

Generate realistic conversations.

Scammers use AI chatbots that can hold realistic conversations with potential victims to trick you into sharing sensitive information or sending money.

You can protect yourself by being skeptical of unexpected messages, verifying identities through a trusted channel and using multi-factor authentication to safeguard your accounts.

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]]> https://alloysilverstein.com/fall-2025-scammers-up-their-game-with-ai/feed/ 0 33069 Should I trust AI tools, like ChatGPT, for my business? [VIDEO] https://alloysilverstein.com/should-i-trust-ai-tools-like-chatgpt-for-my-business-video/ https://alloysilverstein.com/should-i-trust-ai-tools-like-chatgpt-for-my-business-video/#respond Mon, 30 Jun 2025 17:44:23 +0000 https://alloysilverstein.com/?p=32889 AI tools are popping up everywhere – offering speed, automation, and convenience. But before diving headfirst into artificial intelligence, it’s important to understand both the benefits and the potential drawbacks of using AI in your...

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]]> AI tools are popping up everywhere – offering speed, automation, and convenience. But before diving headfirst into artificial intelligence, it’s important to understand both the benefits and the potential drawbacks of using AI in your business.

The Good: Why AI Can Be a Game-Changer

AI offers business owners an efficient, tireless assistant that works 24/7 with no stress, no distractions, and no drama. It provides instant access to information, processes data rapidly, and can help leaders make quicker, more informed decisions.

One of the biggest advantages? Automating repetitive tasks. From managing calendars to analyzing customer behavior, AI helps save valuable time, freeing business owners and teams to focus on strategic growth and the big picture.

The Not-So-Good: Proceed with Caution

While AI can be incredibly powerful, it’s not without its risks. AI tools sometimes blur the line between fact and fiction, so it’s essential to double-check their outputs. They’re trained on existing data, which means they often recycle information rather than offering true innovation.

There are also privacy and security concerns to consider. Sharing sensitive or personal information with AI tools, especially those not designed with enterprise-grade security, could put your business at risk.

The Bottom Line

AI is a valuable tool in today’s digital toolbox, but it’s not a replacement for human expertise. Use it wisely, stay curious, and always back it up with real human insight and judgment.

Want to dive deeper into how AI and tech trends are shaping the business world? Watch our Alloy Academy webinar replay at AlloySilverstein.com/recordings.

More Resources:

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]]> https://alloysilverstein.com/should-i-trust-ai-tools-like-chatgpt-for-my-business-video/feed/ 0 32889 The Good – and Not So Good – of AI https://alloysilverstein.com/summer-2025-the-good-and-not-so-good-of-ai/ https://alloysilverstein.com/summer-2025-the-good-and-not-so-good-of-ai/#respond Tue, 10 Jun 2025 16:08:31 +0000 https://alloysilverstein.com/?p=32806 Technology exists to solve problems and enrich our lives, but progress isn’t always straightforward. The rapid rise of Artificial Intelligence (AI) in everyday tools like search engines, virtual assistants, and chat bots highlights both its...

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]]> Technology exists to solve problems and enrich our lives, but progress isn’t always straightforward. The rapid rise of Artificial Intelligence (AI) in everyday tools like search engines, virtual assistants, and chat bots highlights both its benefits and risks.

Here’s a quick look at how AI is improving our lives, but where we also need to take a step back to be more cautious. Know these pros and cons before jumping into ChatGPT:

The upside of AI: Empowering efficiency

  • Instant access. Unlike humans who are prone to distractions, emotions, or getting tired, AI runs 24/7 and stress-induced human errors are virtually eliminated.
  • Faster data processing. Large datasets can be analyzed in mere seconds, helping us focus on big-picture thinking and quicker decision-making. Tasks that would take a human hours, if not days, are reduced to just a few moments. In that short time frame, AI can pinpoint inconsistencies, outliers, and trends within the data.
  • Task automation. AI automates time-consuming and repetitive work, freeing time for more complex tasks. It’s also always available – wherever you have an internet connection.
  • Inspiration. AI can quickly identify trends and insights, summarize long text, aid in brainstorming, generate both templates and images, and much more.

The downside of AI: Tread carefully

  • Blends fact and fiction. AI may sound confident, but it might not be based on the latest information and can be inaccurate. Fact-checking cannot be ignored.
  • Limited creativity. AI’s output is based on a library of existing data. It repackages and organizes information, so don’t expect innovative and original thinking.
  • Watch for plagiarism. AI doesn’t care if the information it creates is owned by someone else. This plagiarism can happen when creating music, text, voiceovers, and other forms of creative expression.
  • Data privacy. Be cautious on what personal information you share with AI.
  • Not a legal or tax expert. Relying on AI for legal, tax, or other professional advice can leave you in hot water. While AI may be appropriate for initial research on a particular issue, remember that AI itself isn’t a registered attorney or tax preparer. Continue to rely on the knowledge and experience of a true professional.

The verdict: AI has the potential to complement our capabilities but is still far from perfect. Use it as a helpful tool, not a replacement. Like any emerging technology, approach AI with curiosity and caution.

Note: AI is complex! Head over to AlloySilverstein.com/recordings to view our “AI and Tech Trends” webinar replay.

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]]> https://alloysilverstein.com/summer-2025-the-good-and-not-so-good-of-ai/feed/ 0 32806 Tips to be a Disciplined and Successful Entrepreneur https://alloysilverstein.com/tips-to-be-a-disciplined-and-successful-entrepreneur/ https://alloysilverstein.com/tips-to-be-a-disciplined-and-successful-entrepreneur/#respond Mon, 29 Jul 2024 13:38:39 +0000 https://alloysilverstein.com/?p=28301 We are all currently living in the age of entrepreneurs. There are many opportunities for new businesses and new business owners to be successful. However, there is more to success than strictly success within your...

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]]> We are all currently living in the age of entrepreneurs. There are many opportunities for new businesses and new business owners to be successful. However, there is more to success than strictly success within your business. Here are some tips to help you become a disciplined and successful entrepreneur.

Find your passion.

First, it is crucial to create your business on the foundation of passion. If the business that you wish to create is not something that you feel strongly about, how do you expect to devote the majority of your time, energy, and money into seeing it succeed? It is important that you believe in your business, the brand, and what you are selling.

Continue to learn.

While you may be passionate about your business idea and know a lot about the industry, the learning does not stop there. In fact, you are diving into a world where you must have a deep willingness to learn. As you expect your business to grow, you need to evolve with it which means being open to further education and learning opportunities.

Seek guidance from experienced individuals.

There are many successful entrepreneurs who currently exist in the industry. Seek guidance from the professionals. You are going to make your own mistakes and need to learn along the way, but it doesn’t hurt to learn from someone who is a few steps ahead of your current experiences and can help guide you through.

Partner with trusted professionals.

Similarly, it is important to partner with people who you trust to manage your business’s books, payroll, and finances. Outsourcing these services will ultimately save you time, money, and energy that will then be refocused to seeing through the success of your business’s operations. Alloy Silverstein’s advisors work with entrepreneurs and small businesses on a daily basis. Our expertise will provide you with peace of mind that you can focus on your business, while we focus on the finances. Visit our website to learn more or get connected with an Alloy Silverstein advisor today.

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]]> https://alloysilverstein.com/tips-to-be-a-disciplined-and-successful-entrepreneur/feed/ 0 28301 2024: The Year to Upgrade Your Accounting Technology https://alloysilverstein.com/spring-2024-the-year-to-upgrade-your-accounting-technology/ https://alloysilverstein.com/spring-2024-the-year-to-upgrade-your-accounting-technology/#respond Fri, 01 Mar 2024 13:02:40 +0000 https://alloysilverstein.com/?p=27971 By now you’ve probably heard that Intuit QuickBooks will be halting new subscriptions for several popular products this summer. As of July 31, 2024, new subscriptions in the United States will no longer be sold...

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]]> By now you’ve probably heard that Intuit QuickBooks will be halting new subscriptions for several popular products this summer. As of July 31, 2024, new subscriptions in the United States will no longer be sold for QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, or Enhanced Payroll.

Existing QuickBooks Desktop users and Enterprise subscribers will continue to receive support, product updates, and security updates. However, that support will only last for a limited amount of time. What should you do?

Upgrading from QuickBooks Desktop

Now is the time to make the leap and convert to QuickBooks Online or Xero. Switching to online software affords business owners the following benefits:

• Freedom and flexibility. Your data is accessible 24/7 from any workstation or mobile device, which also enables real-time collaboration with others.

• Security and an up-to-date interface. You are always working in the latest version of the software and your sensitive data is always backed up.

• Automation and productivity tools. Both software options have task automation capabilities and integration with hundreds of third-party apps.

Recommended integrations

• BILL – Using BILL will help you go paperless, save time on business bill payments, give better visibility into your cash flow, and provide a detailed transaction trail (formerly Bill.com).

• Dext Prepare – Simplify your expense management and receipt organization process with Dext (formerly Receipt Bank).

• HubDoc – Turn paperwork into electronic data with HubDoc. Bills and documents can be automatically retrieved from connected accounts, a synced email inbox, or with the snap of a cell phone camera.

Ask your Alloy Silverstein Accountant and Advisor about custom tech stack options for your small business that can accelerate your productivity and efficiency this year. Visit the Resource section of our ASCloudServices.com website for more information.

 

 

Additional Reading:

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]]> https://alloysilverstein.com/spring-2024-the-year-to-upgrade-your-accounting-technology/feed/ 0 27971 The Tax Responsibilities of Online Selling https://alloysilverstein.com/summer-2023-the-tax-responsibilities-of-online-selling-ecommerce-apps/ https://alloysilverstein.com/summer-2023-the-tax-responsibilities-of-online-selling-ecommerce-apps/#respond Wed, 07 Jun 2023 11:05:51 +0000 https://alloysilverstein.com/?p=27615 While modern technology has enabled a rise in self-employed business owners, the pandemic’s impact on e-commerce growth has led to an all-time high of online micro-businesses and sellers. Everything from selling on Amazon and Etsy,...

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]]> While modern technology has enabled a rise in self-employed business owners, the pandemic’s impact on e-commerce growth has led to an all-time high of online micro-businesses and sellers. Everything from selling on Amazon and Etsy, or reselling on eBay, StubHub, and Poshmark, has helped entrepreneurs open profitable businesses or side hustles.

Just because your small business does not have a physical storefront, does not mean you can skip the tax responsibilities for selling online. Starting an e-commerce business is a big leap, but here’s how to make sure you are up and running correctly.

Hobby vs. Business

Knowing the differences between what the IRS classifies as a hobby or a business is important since, if a business, you can claim deductions for your expenses. Factors the IRS looks at include:

  • Are you investing significant time and effort?
  • Are you making a consistent profit?
  • Is making money your main goal?
  • Do you have many (paying) customers?
  • Do you have a professional website and business cards?
  • Are you maintaining accurate books and records?

A full chart is available on our website, AlloySilverstein.com. Answering yes to these questions will likely deem your activity as a business. If operating full-time, consider applying for an EIN.

Federal, State, and Self-Employment Taxes

If you are used to being an employee who receives a Form W-2 each year, this step is trickier. You now receive 1099s and must manually put aside a percentage of your business income for taxes. Income taxes are paid at the federal and state level and they will expect quarterly estimates in April, June, September, and January. Self-employment taxes account for Social Security and Medicare.

Beginning in 2023, the new threshold for payment vendors, such as Paypal and Venmo, to distribute a Form 1099-K to taxpayers is $600 in digital transactions.

Online Sales Tax

Since 2018, economic nexus has enabled states to tax businesses with a physical or virtual connection to a state. Requirements vary from state to state, so this will depend on where you are selling, where your inventory is located, and where the buyer is located. Only five states do not impose any sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon.

Fortunately, accounting software and sales tax apps can help simplify the tracking of your sales tax requirements. You still must know which states you are conducting business in and what their sales tax rate is. Most states require businesses to register ahead of time for a permit. Do not forget to then remit any sales tax collected to the proper state tax authorities.

Deductible Expenses

Hold on to your receipts as the following business expenses could potentially be deductible and help offset your income:

  • Cost of goods sold
  • Shipping fees and supplies
  • Vendor and software fees
  • Mileage
  • Home office costs
  • Advertising and promotional materials
  • Donations of damaged goods
  • Consultant fees (accountant, lawyer, website designer, etc.)

Staying Organized with E-Commerce

No matter how small or big your online business is, there is a responsibility to file federal and local taxes on earned income. Implementing these tips throughout the year will help make for a smooth tax season.

  • Designate a set folder (physical or digital) to store all relevant files, receipts, tax forms, contracts, backup, etc.
  • Prioritize your bookkeeping and make it part of your daily workflow.
  • Mark up a calendar for all tax deadlines, including sales tax and quarterly estimate deadlines.
  • Integrate and automate when possible.

Streamline Your Online Selling with These App Recommendations

If you are ready to go full steam ahead with your e-commerce business, it is wise to invest the time in the beginning to set up the structure of your business for success. Your software eco-system or “tech stack” can help you stay sane and organized for tax season. Here are four areas to streamline, alongside some app and software recommendations from our accountants and advisors.

1) Accounting software that allows collaboration, real-time updates, and typically integrates with other apps and software.

  • Xero
  • QuickBooks Online

2) An app to serve as your back-office file room to help you stay organized with filing expenses and paying bills.

  • Bill
  • Dext

3) A Point-of-Sale (POS) platform to be a storefront, manage inventory, and accept sales and payments from customers. For optimal efficiency, your POS should integrate with your accounting software.

  • A2X
  • WooCommerce
  • Shopify
  • Square
  • Vend

4) Monitoring online sales tax for 50 states gets complicated quickly. These options help manage compliance.

  • TaxJar
  • Taxify
  • Avalara

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]]> https://alloysilverstein.com/summer-2023-the-tax-responsibilities-of-online-selling-ecommerce-apps/feed/ 0 27615 Common Small Business Accounting Problems https://alloysilverstein.com/common-small-business-accounting-problems/ https://alloysilverstein.com/common-small-business-accounting-problems/#respond Wed, 24 Aug 2022 16:48:20 +0000 https://alloysilverstein.com/?p=26931 Keeping your company books in order can be a challenge. Consider these common small business accounting problems often seen when preparing business tax returns to ensure they do not happen to your business: Mixing in...

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]]> Keeping your company books in order can be a challenge. Consider these common small business accounting problems often seen when preparing business tax returns to ensure they do not happen to your business:

Mixing in personal expenses.

Having non-business costs included in your business accounts creates several problems. First, your financial statements will not accurately portray your business performance. Second, personal expenses are a drag on your available cash. Third, the IRS is quick to deny legitimate business expenses as tax deductions if it perceives that personal expenses are blended with business expenses. Common sources of non-business expenses to watch for are charges you make on credit cards and expense reimbursements to owners.

Not keeping your books current.

Waiting too long to record information in your accounting system actually requires more time to get back on track. Complex entries get even more complicated as your ability to recall transaction details diminishes over time. Set a goal to have all transactions entered every week at a minimum.

Entering capital assets as expenses.

Because capital assets provide long-term value, they are entered on the balance sheet and depreciated over multiple years. Misclassifying a capital asset as an expense will torpedo your net income for that period and potentially create an audit problem. To avoid this, review large purchases and comb expense accounts likely to be hiding capital assets during your month-end review.

Not performing timely bank reconciliations.

When you receive your bank statements, ensure they are reconciled to your books within a week or two. Bank reconciliations almost always identify errors. Delaying bank reconciliations will add unneeded complexity and decrease your chances of correcting an error in a timely manner.

Mishandling sales tax.

Many businesses incorrectly record sales tax they receive as revenue. Sales tax you receive should be entered as a liability until you remit it to the proper tax authority, ultimately avoiding your income statement altogether. This is because it is not your money. You are holding that money in trust for each respective state. On the other hand, sales tax you pay on purchases should be booked as an expense.

Lacking proper documentation.

Most business owners know that you need to save invoices and receipts for sales and purchases, but what about documentation for adjustments and journal entries? Proving these is just as important. Contracts, time sheets and shipping documents are some examples of substantiation required to support your journal entries.

Devoting too much of your time.

Most entrepreneurs start their business for reasons other than spending hours working on their books. Don’t get bogged down worrying about the inner-workings of accounting rules and tax laws. Partnering with an expert to handle your accounting needs can free you up to use your expertise where it’s needed the most — running and growing your business.

 

Running your own business often comes with many struggles, however accounting should not be one of them. Although there are many potential accounting problems for your small business, they are avoidable. Do you need help with accounting for your small business? Alloy Silverstein has Accounting Services and Bookkeeping Services that can help you successfully run and manage your small business. Contact an Alloy Silverstein advisor today!

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