Entrepreneurship is not for everyone. Some folks think they will love it and after a year realize they miss the structure, security, and paid time off that often comes with working for someone else. Our partner, Brooklyn FI, lays out a brief overview of what it takes to start a business and the things you should be thinking about at each stage of revenue.

What really matters

• Keep personal and business expenses separate.
• Books and records should be overseen by a professional bookkeeper.
• Save 40% of every dollar you receive to prepare for filing your tax return.
• Use a SEP-IRA or Solo 401(k) to defer taxes.
• Choose an entity type that fits your business needs.
• And more…

Read full article by Brooklyn FI

Revenue recognition and revenue reconciliation are crucial parts of a successful month-end close. Often, startups only focus on recording and recognizing transactions, but that’s only the first step. In this article, Furey covers the basics of revenue reconciliation—what it is, how to approach it, and why it’s important for your business. You’ll learn:

1. The difference between revenue recognition and revenue reconciliation
2. Why is revenue reconciliation important?
3. How to approach revenue reconciliation
4. Common mistakes when reconciling revenue
5. Preparing your startup for revenue reconciliation

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If you’re not a financial wizard (but you are a business owner), it can be daunting to assess all of your financial statements, keep them up-to-date, and truly understand them. Book+Street looked at the three most important financial tools they use and how they can help you build and maintain a financially healthy business.

1. Cash flow forecast
2. Profit and loss statement
3. Balance statement

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Too often, business leaders get stuck in the weeds when it comes to daily administrative tasks. Things like expense management, benefits admin, and payroll questions are time consuming. Suitless looked at hundreds of successful business leaders and how they focus their energies. This is a pretty darned good list of things they all adopt. And it does not include back-office work.

1. Build culture
2. Impart strategy
3. Integrate effective metrics
4. Engage stakeholders
5. Think about optics
6. Handpick for management and leadership
7. Keep friends and family near
8. Take care of yourself

The end of the year is an important time for your business. Whether it’s corporate tax filings or company parties, there are a multitude of things to get right before saying goodbye to 2020.

That’s why Gusto put together this checklist to help you get your business—and your employees—ready for next year.

1. Verify employee data
2. Verify employee benefit information
3. Verify contractor information
4. End-of-year extras

Read full article by Gusto

This week for Member Monday, OhioX features Clarus R+D for our innovation in claiming the R&D tax credit. Our solution simplifies your study, ensures compliance, and reduces overall cost.

We’re proud to be a member of OhioX, who is focused on promoting Ohio as a leader in technology and innovation while connecting a diverse group of companies growing Ohio’s economy. OhioX connects those committed to growing Ohio’s economy through technology and innovation.

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This week, President of Clarus R+D Jeff Haskett reflects on the critical importance of businesses understanding how to find R+D tax credits, how it can fuel innovation, and simplifying technology.

OhioX connects those committed to growing Ohio’s economy through technology and innovation. The Leader Profile speaks with Ohioans who are making a difference in their community and helping build the future.

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You’re creative, self-sufficient, and driven. That’s why you became an entrepreneur — you knew exactly what you wanted and went out to build it. But here’s something you may not know: Startup companies often make very small mistakes that end up costing them big.

While all businesses are different, most of the reasons that startups fail are exactly the same. From lack of planning to poorly managed finances, Acuity has gathered the top mistakes small business owners make so that you can avoid the stereotypical pitfalls.

1. You’re setting unrealistic goals.
2. You don’t have a marketing plan.
3. You take too long to resolve problems.
4. You’re careless with the budget.
5. You forget to highlight your strengths.
6. You got mixed up with the wrong investors.
7. You’re not valuing customer feedback.

Read full article by Acuity

There were probably two things that motivated you to step out and start your own business: doing what you love and make money doing it. You’re reading this because you’re already doing the first part. But what about the second part?

Find out how to pay yourself and more.

• Determine Your Business Type
• Figure Out the Best Payment Method
• Select an Amount
• Pick a Payroll Schedule
• Get Your Paycheck