DS-Influence Growth

DS-Influence Growth Finding ways to help you and your business grow efficiently.

Here’s a little cashflow hack for all you small business owners out there! When you're first starting your business, it'...
11/09/2024

Here’s a little cashflow hack for all you small business owners out there!

When you're first starting your business, it's very normal to dip into your personal funds to keep things moving while you get the ball rolling.

And there is nothing wrong with that! But don’t get used to it, as it can throw a wrench into your finances come tax time.

When you have a separate bank account for your business, it makes it much more simple for you to see how your money is being spent. When you use your personal account for business, you can risk overlooking important transitions when it's time to make declarations and claim expenses!

So going forward, consider opening a dedicated bank account for your business, complete with separate credit cards and checking accounts. Pay attention to which account you are using for what – and if you can, use only credit cards for all business purchases.

It can be easy to overlook cash payments, and we all know how they can add up!

So avoid double dipping, and your accountant will love you forever

I’m hiring an accountant for my business – should I go with a monthly service?If you are working hard making your busine...
11/08/2024

I’m hiring an accountant for my business – should I go with a monthly service?

If you are working hard making your business the success you want it to be, we would suggest going with a monthly accounting service.

A monthly accounting service is a valuable tool for a multitude of reasons. We aren't just here to help you file your taxes at the end of the year – we can also provide you with pivotal advice for how to make your whole year more profitable!

But how can we give you this advice if you only come once per year? And if you only come in around tax time, it's too late for us to help you strategize to achieve lower tax liability!

Aside from this, a monthly accounting service will also save you time, give you peace of mind, and allow you to make more proactive, up to date financial decisions.

To us it's a no brainer – if you’re making money, let an accountant help you to earn, and save, even more!

Accounting is a tradition as old as money itself. The earliest recorded evidence of accounting can be traced back to anc...
11/07/2024

Accounting is a tradition as old as money itself.

The earliest recorded evidence of accounting can be traced back to ancient Mesopotamia, and is closely related to the development of modern writing, counting, and money!

Even the ancient Babylonians and Egyptians were performing audits – those pyramids must have cost a fortune to build…

So you may not be surprised to hear that by the time of the Roman Empire, the government had access to detailed financial information.

But modern accounting got its start with the writings of one man, Luca Pacioli, hailing from Italy. He was the first person to publish a book on double-entry bookkeeping, introducing his ideas to the Italian people. As a result, he is referred to as the “father of accounting and bookkeeping”.

The official profession of chartered accountant actually originated in Scotland in the 1800s. Solicitors would often employ accountants to offer their services to clients. The first organized institute of modern accounting was formed in England in 1880, with the creation of the “institute of chartered accountants in England and Wales”

And from there, the rest is history!

Contact us today!

Smith Taxes & More
Ph. 469-206-4016

Account-Ant: Carrying and counting figures on our backs like nobody’s business!We are proud to offer accounting services...
11/07/2024

Account-Ant: Carrying and counting figures on our backs like nobody’s business!

We are proud to offer accounting services for you, your family, and your business.

Are you in need of some assistance in dotting your financial I’s and crossing your taxable T’s?

Then feel free to reach out at any time and we’ll be happy to count your beans!

Contact us today!

Smith Taxes & More
Ph. 469-206-4016

We are proud to offer accounting services for those who need it most. Because come tax time, your financial planning can...
11/07/2024

We are proud to offer accounting services for those who need it most.

Because come tax time, your financial planning can mean the difference between owing the government big – or the government owing you.

And it doesn’t end there. The thing is, many businesses fail to measure and manage their finances, even though poor financial management is a major cause of businesses going under.

When you don’t have a professional accountant working alongside your business, you risk facing lost revenue, missed financial opportunities, and overpaying in taxes.

Not to mention all the time lost creating profit and loss statements, monthly balance sheets, and regular account reconciliation, all of which could have been handled by your accountant with minimal effort on your part.

We want you to be able to focus on what is important – putting all your passion into your business, and keeping a healthy balance between your work and home life.

That can be difficult when you are constantly managing financial records.
So give us a call at [insert custom variable], and we’ll show you why our service is beneficial not only for your wallet, but for the overall quality of your life.

We promise you won't regret it :)

There is actually one part about doing your taxes that can be quite exciting and fun. I know, hard to believe, right? – ...
11/06/2024

There is actually one part about doing your taxes that can be quite exciting and fun.

I know, hard to believe, right? – Hear me out.

It's logging your expenses!

One mistake we see all the time with small business owners is that they don't save copies of their expense reports. At the end of the day, this will result in a variety of tax, accounting, and cash flow issues.

It may seem difficult to keep a receipt of every purchase that your business makes, but there are a few ways to make it easier on yourself.

First, use one single credit card to pay for all business expenses. Have a designated location for all of your receipts, and if you are feeling extra saucy, snap a photo of each receipt on your phone!

Your business expenses could fall into many categories, including:

- Travel expenses: if you ever had to make a business trip, or even if you spend a lot of gas money commuting to your place of work, you can write all of that off!
- Home office expenses: whether it's a computer, a monitor, or office supplies – write it off!
- Entertainment and meals: Let's say you took a client to dinner in an attempt to secure a deal – and it worked! But, they ordered the vintage red with a side of caviar. Don’t fret, you can write it off as an expense!
- Gifts: Similar to entertainment and meals. Let's say you bought a client tickets to the big game as a token of your appreciation for their business – write it off!

Your expense report can mean the difference between gaining or paying come tax time, especially in the first years of your business! If you have employees, make sure they also know to always save the receipt and use that company card!

A good accountant will help you save more money, so you can spend more on what you love.
11/06/2024

A good accountant will help you save more money, so you can spend more on what you love.

Do unto others as you would have them do unto you!This is THE golden rule, but not the golden rule of accounting.In fact...
11/06/2024

Do unto others as you would have them do unto you!

This is THE golden rule, but not the golden rule of accounting.

In fact, there are three golden rules to accounting:

1. Debit the receiver and credit the giver.
2. Debit what comes in and credit what goes out.
3. Debit expenses and losses, credit income and gains.

Are there any rules you would like to see added to this list?

We are sticklers for doing it right ;)

So you've started your own business and voila – success! You’re making some money 🤑But then you realize, oh no! You lost...
11/05/2024

So you've started your own business and voila – success!

You’re making some money 🤑

But then you realize, oh no! You lost count of the beans 🤯

Time to hire an accountant to sort it out – so what exactly does an accountant do?

An accountant is responsible for keeping and interpreting your financial records. Most accountants complete a wide range of finance-related tasks, for individual clients or for the businesses employing them.

That's not to be confused with bookkeepers, who actually have an entirely different job.

A bookkeeper will focus on recording all of your financial transactions, while an accountant will be responsible for interpreting this information.

A good accountant will assist you in the following:

• Ensuring the accuracy of your financial documents, as well as their compliance with the relevant laws and regulations
• Maintaining and preparing financial reports
• Preparing your tax returns and making sure that taxes are paid properly and on time
• Analyzing your financial operations to recommend the best practices, identifying issues, and strategizing solutions to help your business run efficiently
• Offer guidance on reduction of costs, enhancement of revenue, and maximization of profits
• Conduct forecasting and risk analysis

The secret to a well functioning business is good accounting – so instead of stressing over the endless details, consider hiring a professional who will help you keep your business on the up and up!

You’re making some money [money eyes emoji]

But then you realize, oh no! You lost count of the beans [mind blown emoji]

Time to hire an accountant to sort it out – so what exactly does an accountant do?

An accountant is responsible for keeping and interpreting your financial records. Most accountants complete a wide range of finance-related tasks, for individual clients or for the businesses employing them.

That's not to be confused with bookkeepers, who actually have an entirely different job.

A bookkeeper will focus on recording all of your financial transactions, while an accountant will be responsible for interpreting this information.

A good accountant will assist you in the following:

• Ensuring the accuracy of your financial documents, as well as their compliance with the relevant laws and regulations
• Maintaining and preparing financial reports
• Preparing your tax returns and making sure that taxes are paid properly and on time
• Analyzing your financial operations to recommend the best practices, identifying issues, and strategizing solutions to help your business run efficiently
• Offer guidance on reduction of costs, enhancement of revenue, and maximization of profits
• Conduct forecasting and risk analysis

The secret to a well functioning business is good accounting – so instead of stressing over the endless details, consider hiring a professional who will help you keep your business on the up and up!

Contact us today!

Smith Taxes & More
Ph. 469-206-4016

Getting mixed up with your tangible targets, accrued assets and liquid liabilities? Learning financial lingo can be like...
11/05/2024

Getting mixed up with your tangible targets, accrued assets and liquid liabilities?

Learning financial lingo can be like speaking a whole new language, so allow us to clear up a few key terms:

- Cost of goods sold (COGS): How much it costs you to deliver/produce what you offer. These are the expenses you pay to do everyday business, and are key in determining your business’s profit
- Inventory: This includes all of the raw material you have in storage, items currently in production, and finished goods that are ready to be sold.
- Assets: These are your business’s physical and non-physical property, which add to the overall value of your business. Current assets can be converted into cash within a year, and Fixed assets are the ones that may take a bit longer.
- Liabilities: This is the money that your business owes. Also broken into short term and long term – payments due within a year, and payments not due within a year
- Equity: The value of your business after subtracting your liabilities from your assets
- Revenue: A fun one – the amount of money your business brings in from sales!

After learning these few phrases, you’ll be ready to schmooze in style – and your accountant will thank you!

Just recently, we’ve taken on our [custom variable] client since opening our office!We are incredibly proud of how far w...
11/05/2024

Just recently, we’ve taken on our [custom variable] client since opening our office!
We are incredibly proud of how far we’ve come, and are enormously thankful towards the people of [insert custom variable] for trusting us with your finances!
Our hearts are as deep as your pockets – thank you!

Contact us today!

Smith Taxes & More
Ph. 469-206-4016

I eat a lot of ice cream – but unfortunately I can’t write it off as a business expense…
11/04/2024

I eat a lot of ice cream – but unfortunately I can’t write it off as a business expense…

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