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Locals Unplugged Uncovered Accounting Secrets

posted Friday, December 09 by
 
Accounting at Locals Unplugged

On December 8th, about 20 small business owners gathered at Busboys & Poets to learn about small business accounting from Amy Reedy-Galloway, CPA. We learned that, yes, accountants are helpful beyond just tax time. With topics ranging from the difference between an LLC and an S Corp, to why you really should hire a bookkeeper, Amy adeptly answered questions pertinent to small and newly starting businesses.

Here are just a few tips from Amy:
1- To save money,outsource bookkeeping to a non-CPA but have a registered CPA oversee the tax process.
2- Always outsource payroll. Payroll providers are your insurance policy.
3- Keep all records. Photograph your home office. Scan your receipts.
4- Check out apps like JotNot for fast receipt scan.
5- Business owners that have a brick and mortar location can still deduct a home office. And the mileage to and from their
business.
6- File your tax papers on time even if you do not have the money to pay.
7- Pay your January rent, bills, etc on December 31 for 2011 write-off.

Following about 45 minutes of questions and discussion we mingled, did a little more LOCAL networking and had another bite of breakfast before heading off.

See more photos here.

A special thanks to Andy Shallal and the Busboys & Poets staff for helping us launch the Locals Unplugged series and hosting us each month in 2011. We could not have done it without you!

Live Green and Think Local First co-host Locals Unplugged the second Thursday of each month from 8 – 10am.
Please join us January 12th at 8am at Logan Tavern for the panel discussion
h2. How to increase your Bottom Line while Decreasing your Footprint
Register here.