03Oct

Is Your CPA Filling Your 941 Payments on the Right Schedule?

Posted by NCF On October 03,2019

The IRS requires businesses of all sizes to make 941 payments according to a regular schedule. 941 payments are necessary for any business that has listed employees, including the owner, so that the various employment taxes can be accounted for without repercussions. Most 941 payments include income tax withholdings, social security, and Medicare/FICA. Businesses must account for these payments for anyone on the payroll who is not a contractor or unpaid intern.

Breaking Down 941 Payments

The 941 payments form can be broken down into six basic parts for employers. The first part is relatively simple, and asks for the employer’s identification information and which quarter the form is being filed for. The second section is the most essential, because employers need to list the number of employees, the amount they earn, and the taxes owed. The numbers listed in this section will help determine if your business owe

accounts-receivable-financing-new-century-financial
29Aug

Understand Accounts Payable, Accounts Receivable, and Liabilities

Posted by NCF On August 29,2019

In order to run a successful business, a lot has to happen on the back end. Accounting, which is usually performed by the business owner in the beginning, is the place where revenue and expenses meet, and hopefully result in a positive number. While business accounting can become very complex, do-it-yourself business owners can make things easier by understanding the differences between accounts payable, accounts receivable, and liabilities.

Accounts Payable

Accounts payable are fairly simple. They consist mostly of bills to your business that you need to pay. Typical accounts payable include invoices from suppliers, payroll expenses, lease payments on the office or facilities, company lines of credit, and other short-term debt and overhead costs. Think of accounts payable as an inbox, of sorts. Your goal as a business owner is to keep that inbox empty by paying off any amounts due to other people or businesses.<

cash-flow-new-century-financial
22Aug

Staggered Receivables Vs. Cash Flow: Resolving the Equation

Posted by NCF On August 22,2019

Cash flow is important to every business, as the revenue covers overhead costs and provides a source of capital which can be used for growth projects. But with receivables on staggered payment schedules, many businesses are not getting access to revenue as quickly as they should. Fortunately, there is a way to bridge the gap between staggered receivables and cash flow.

Staggered Receivables and Cash Flow Strains

Issuing invoices with staggered payment schedules of 30, 60, or even 90 days is a standard practice. However, during that time, businesses need to make payroll, purchase supplies, advertise, and cover the cost of additional orders from other customers. Staggered receivables can end up placing a severe strain on cash flow, often pushing business owners to take out short-term loans to cover gaps in capital. These short-term loans place a further strain on cash flow, because a good portion of the revenue tri

small-business-new-century-financial
15Aug

How the Debt Cycle Limits Growth for Small Businesses

Posted by NCF On August 15,2019

When businesses need funding, the conventional solution is to take out loans for working capital. This sets the debt cycle into motion, and many businesses find themselves dependent on loans for the duration. However, the debt cycle can place a big strain on finances and limit business growth.

What Is the Debt Cycle

When a business takes out a loan, the capital is given in exchange for debt. The business then makes payments on the loan, plus interest, to pay off the debt. Loan debt takes a good chunk out of monthly revenue, and payments must be made regardless of how many or how few sales are made in that time. If cash flow is strained, businesses may take out additional short-term loans to smooth out revenue cycles at the risk of placing even more debt on the books, and juggling various loans at different interest rates can place a business in the fast-lane towards bankruptcy.

Business

entrepreneur-new-century-financial
08Aug

Business Finances: An Overview for New Entrepreneurs

Posted by NCF On August 08,2019

New business owners often wear many hats at once, acting as their own sales, marketing, administrative, and accounting departments. Unless they’ve had prior experience as a CPA, most business owners will agree that accounting and managing finances can cause the most headaches and take up the most time. Fortunately, there are some easy tips to make managing business finances easier so you can streamline the accounting process and focus more on getting sales and growing your operation.

Keep Business Finances and Personal Expenses Separate

On the outset, this rule seems fairly obvious. As time goes on though, the lines can get blurred. Using personal savings to fund your business shouldn’t happen, but some start-ups do use personal money to launch and maintain operations. Additionally, some business owners make purchases such as office supplies, and purchase an item or two for personal use in the process. It is

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