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Author: Jacquie Pirnie

Payroll Expenses Guide for Small Businesses 2023

Small business owners are quite familiar with the various expenses they have to manage, be it for rent, equipment, or office supplies. Moreover, each additional employee can lead to a rise in your payroll costs. But what precisely constitutes payroll expenses, and when do these costs occur?

Explore this guide on payroll expenses for small businesses to understand these questions better, learn how to determine your overall payroll costs, and get to know how to record them as journal entries.

5 Key Benefits of Using Services from an Outsourced Accounting Firm

As a small business owner that is growing, you are probably finding yourself answering the question, “Why should my business outsource its accounting services?” The topic has gained considerable traction, as an increasing number of companies realize the value of outsourced accounting. But beyond the simple convenience of not dealing with the books yourself, the benefits are far-reaching and often transformative. In this post, we’ill delve into the top 5 advantages of using recurring accounting services from an outsourced accounting firm.

What’s new in QuickBooks Online: Spring 2023

In the dynamic world of business, staying ahead of the game requires efficient financial management tools that can adapt to evolving industry demands. For small and medium-sized enterprises (SMEs), QuickBooks Online has been a go-to solution, empowering entrepreneurs and finance professionals to streamline their accounting processes and gain valuable insights into their financial health. As we move through 2023, Intuit, the creator of QuickBooks, has unveiled a range of exciting updates and features designed to enhance user experience, boost productivity, and provide even greater control over finances. In this article, we will explore the latest enhancements in QuickBooks Online, showcasing how these advancements are revolutionizing the way businesses manage their financial operations and make informed decisions. Whether you’re a seasoned QuickBooks user or new to the platform, prepare to discover the innovative tools that are transforming the landscape of online accounting.


5 Reasons Your Business Isn’t Outgrowing QuickBooks

With over 29 million small businesses in the U.S. using QuickBooks, it has established a dominant position in the accounting software market, holding an 80% market share. QuickBooks offers a range of products that cater to the needs of small businesses (QuickBooks Online), larger companies (QuickBooks Enterprise), and everything in between (QuickBooks Pro, QuickBooks Premier). As companies expand and become more complex, they may feel that they have outgrown QuickBooks and consider switching to other enterprise resource planning (ERP) systems, such as Oracle’s NetSuite and SAP. These alternatives come with a high price tag and a lengthy conversion cycle, however.

Read on as we will discuss the notable disadvantages of transitioning to an ERP system and share some tips on how to prolong the usefulness of your QuickBooks solution. Although upgrading to a more advanced software package may seem like a sign that your business has achieved greater success, it does not necessarily equate to increased value. Here are a five reasons why sticking with QuickBooks is beneficial to your business.

The International Franchise Association Predicts Strong Growth for Franchising Industry in 2023

The International Franchise Association (IFA) recently released its 2023 Franchising Economic Outlook report, predicting positive growth for the franchise industry. Despite economic challenges and uncertainty, the report found that franchise unit and job growth continues to outpace pre-pandemic levels. Specifically, the report predicts that franchises will add over a quarter-million jobs and 15,000 new independent businesses this year.

The CEO and President of the IFA, Matt Haller, expressed optimism about the industry’s resilience and potential for growth in the face of economic headwinds. “Even with today’s economic headwinds, franchised businesses continue to grow, providing more good-paying jobs for their employees and serving their local communities,” he said. “After an historic year of growth during the post-pandemic recovery, the size of the franchise economy in 2023 will exceed pre-pandemic levels – demonstrating the power of the business model for prospective business owners when franchisors and franchisees work together.” Let’s take a closer look at the key highlights of the report:

What Are the Advantages of Multi-Unit Franchising?

If you are reading this article, you are likely already aware of the advantages of franchising. While owning a single franchise can be beneficial, owning multiple franchises as a multi-unit franchise operator provides additional advantages that single-unit franchisees do not have access to.

Whether you are an existing franchise owner seeking to grow your business or a prospective franchisee interested in starting with multiple units, this article will explore the advantages of multi-unit franchising and why it might be the right choice for you. However, before delving into the benefits, let’s first define what multi-unit franchising is and examine its prevalence in the US.

As the name implies, multi-unit franchising refers to a franchisee who has invested in multiple franchise units, typically within an authorized geographic area or territory. The primary distinction between a single-unit franchisee and a multi-unit franchisee, aside from the number of locations, is the level of involvement. Single-unit franchisees tend to be more hands-on with their location and may need to invest more time in running it, particularly in the early stages.

Conversely, a multi-unit franchisee cannot be as extensively involved in each location due to time constraints and the inability to be in multiple places simultaneously. Nevertheless, owning multiple franchise units doesn’t absolve one of responsibilities, but it does require franchise owners to rely more on management teams to oversee each location. As a result, multi-unit franchising may be more appealing to those seeking semi-absentee ownership.

When a franchisee decides to invest in multiple franchise units, they will typically be granted an Area Developer Agreement, also known as a Multi-Unit Development Agreement. This agreement specifies the number of units the franchisee is required to establish within a particular territory and within a specified time frame. By signing this agreement, the franchisee is ensured exclusive rights to that specific territory, which means that no other franchise owners can open a location within that area. Essentially, the Area Developer Agreement establishes how many franchise locations a franchisee will establish over a set period of time and within a particular area. Failure to comply with this agreement may result in the franchisee being prohibited from opening additional locations.

According to FRANdata, more than 43,212 multi-unit franchisees control over 223,213 franchised units in the US, representing 54% of all franchised units. The US has witnessed a significant increase in multi-unit franchising, with approximately 23% growth from 2010 to 2018 in franchisees owning two to five units. Additionally, multi-unit franchisees owning six to ten units experienced nearly 34% growth during the same period, with the percentage increasing as the number of units owned goes up.

It is clear that multi-unit franchising has become increasingly popular, and here are some reasons why.

QuickBooks 2020 Discontinuation May 31st – How This Affects You

The QuickBooks 2020 Discontinuation is near! For many seasoned users, we know it is that time of the year. For those of you who have just started using QuickBooks Desktop, you may be wondering what this means to you, especially if you are using version 20 or earlier. Put simply: anyone who is still using version any QuickBooks Desktop version 2020 or earlier will lose access to important add-ons, or “connection-required” features, at the end of May 2023. Also, any live support for any inquiries or troubleshooting involving QuickBooks Desktop 2020 or earlier will no longer be available. What does this entail exactly? Read on to learn precisely what services and apps are affected; and how the discontinuation itself affects your support experience.


Why Migrate to QuickBooks Online? Here are 5 Good Reasons

Small business accounting is full of challenges. From invoices to payroll to end-of-year taxes, figuring everything out without accounting software can be difficult. That’s where QuickBooks Online comes in. Quickbooks Online is accounting software mainly for small businesses that is used to manage their accounting needs. You can use Quickbooks Online...


Powerful Benefits of Outsourcing Your Accounting Services

Outsourcing has become a popular business strategy for many companies looking to reduce costs and improve efficiency. One area where outsourcing can be particularly beneficial is accounting services. In this essay, we will explore seven benefits of outsourcing your accounting services. Cost Savings One of the most significant benefits of outsourcing your...

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