Two common pitfalls in accounting firms that we're addressing at MBS: 1) Not being built for continuity 2) Not being intentional about company culture Here is why these matter and what we're learning MBS Accountancy : 1) Continuity ensures you can deliver to clients through

Choose a firm that runs like clockwork: It has standards it upholds for clients: "Having no standard leads to a gradual decline in service quality and personalized attention until one day you realize you’re one of the underserved clients who drew the short straw." * *Working

I'm an accountant: Of course, I run home finances like a business... Your home is a little business with income and expenses, which is why you can't be slack when it comes to personal finances. Here's what we do: We maintain a personal financial statement which is essentially a

Most people wait until November and December to think about their tax bill. But that's too late for a good tax plan... When you wait until December to think about your tax plan, you end up with a suboptimal tax outcome. What if your tax bill is way higher than you expected?

How can we better show the opportunities within accounting to generate interest in our industry? I was inspired by Jacob Schroeder's recent LinkedIn post. Here's my take: I think it starts with changing how we educate about accounting: • Start with a class that goes through

We had long planned to move to Karbon but decided to pull the trigger this January and learned 3 key lessons: Really quick, if you don’t know, Karbon is a new practice management software that helps accounting firms manage and discuss client work in one place. Anyway, on

One mistake we see most often when setting up QBO is a monstrous chart of accounts. A lengthy chart of accounts (COA) equals a 3-4 page balance sheet and income statement. Why is this bad? Long financial statements with too much detail make it hard to see the forest from the

I learned many lessons about delegation while managing a 130-year-old brick building remodel... First, about the remodel. In this case, the result I wanted was a remodeled building ready for occupancy. But while I know the basics, I can't frame up walls, hang drywall,

I love the comment feature of Loom. It's very efficient to be able to comment on specific sections of videos for asynchronous communication.  Plus you can use emojis! Also - you can't beat how quick it is to launch Loom from the chrome extension for quick videos.

Many nonprofits go into audits with blind faith in their financials. It costs them. See...if you give an auditor too much info, they'll end up charging for the time they have to spend filtering through it.

If your accountant is missing tax deadlines and not informing you about tax payments owed, you’re likely dealing with enormous penalties and interest charges related to underpayment or delayed filings. Upgrade your #tax strategy with our services: mbs.cpa/tax-advisory/

We're getting solar installed ⚡ Talk about a power move 😎 #SolarEnergy #GoingGreen

Some of our team took time today for pedicures 💅 #pedicure #nailart #nailsalon

One major tip for those offering work from home to employees: Trust but verify. Here's what I mean: The trust-but-verify approach involves two aspects: 1) Trusting your people to do their best, and giving them the support to do so. 2) Verifying their productivity by analyzing

Are your BOI reports ready to be filed by the January 1 deadline? Effective January 1, 2024, businesses that existed before January 2024 have until January 1, 2025, to submit their BOI report. FinCEN estimates it will take roughly 3 hours to prepare and submit each entity's

lol #taxtwitter

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When did you last raise your prices? If it was years ago, your margins have already shrunk, you just haven't seen it yet. Between 2021 and 2024, the cost of labor, materials, software, insurance, and overhead climbed significantly for most small businesses. But pricing? Most

I've watched businesses double their revenue and nearly collapse in the same year but it happens more often then you'd think.... When you grow fast, cash goes out before it comes in. You hire ahead of revenue. You buy inventory or equipment. You take on more clients before

Every decision you're making today is based on data from last month. Or last quarter. Or last year. That's how most business owners operate — and it's not entirely their fault. Standard financial reporting is backward-looking by design. The P&L tells you what happened. It