ODE Small Business Solutions

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2018 Payroll Rates and Bases

Posted on July 31, 2018 at 10:00 AM Comments comments (0)

Employee SS and Medicare 6.20%/1.45%*
Employer SS and Medicare 6.20%/1.45%
Social Security wage limit $128,400
Medicare wage limit* Unlimited
FUTA-taxable wage base $7,000
FUTA rate 6.0%
FUTA maximum credit 5.4%
Min. FUTA deposit rate 0.6% (most firms}

* Withhold added Medicare tax of .9% on wages over $200,000.

4 Reasons Why Outsourcing Your Bookkeeping Can Save You Time and Money

Posted on July 22, 2018 at 4:05 PM Comments comments (0)

For startups and small businesses, bookkeeping can be a real challenge. As an owner or manager, you're faced with three options for accounting: do it yourself, have an employee do it, or let a third party take care of it.

All of these options have drawbacks. Doing it yourself obviously eats away at your already spread-thin time. Hiring a full-time bookkeeper is expensive, and may be more than a small business needs. And outsourcing requires giving a third party access to your accounts--a move which requires a certain amount of trust.

However, technology solutions have been making outsourcing a more and more appealing solution.

Here are the best reasons to outsource bookkeeping for your startup or small business:

1. It Frees up Your Time

Time is the most valuable resource available to anyone working at a startup or small business. There are only 24 hours in a day, and some of them need to be dedicated to sleeping (in theory, at least). Create more time for yourself and your team and you gain an instant competitive advantage.

The less time you have to spend on accounting tasks, the more time you can spend growing your business.

2. It Increases Productivity

Most thriving small businesses and startups are made up of a versatile team that's capable of taking on a variety of roles. It's very common in these settings for employees to take on unfamiliar tasks — ones that are outside of their job descriptions — for the good of the business.

For owners and managers, however, expanding the responsibilities of employees is always a balancing act. Adding more tasks to someone's workload can distract them from the critical work that you actually hired them to do. It can also make people feel overworked, leading to fatigue and lackluster engagement.

Stop wasting your team's talent! Allow ODE Small Business Solutions to count up receivables while you turn your employee's attention toward building a better business.

3. It Makes You More Flexible

Even healthy businesses will have slow months. You might sell 1,000 units of your product in December and 500 in January. As demand fluctuates, the amount of work that needs to be done can increase or decrease dramatically. One month, you'll be desperately looking for people to take on tasks, and the next you'll be sitting around waiting for orders to come in.

In many instances, contract workers can help fill the gaps. However, hiring temporary in-house bookkeepers is not a realistic option for most businesses.

If you hire a full-time bookkeeper, you’re going to be paying that person whether they’re busy or not. What you need is a bookkeeping system that can scale to meet your demands.

If you outsource to a service like ODE Small Business Solutions, you can adjust your level of service to match your needs. During slower months, you can wind down the number of transactions in anticipation, cutting your costs without having to cut an employee's hours.

4. It’s Cheaper!

Outsourcing bookkeeping to a service like ODE Small Business Solutions is going to be more cost-effective than hiring a full time employee to do the same work. ODE Small Business Solutions is less expensive than a traditional in-house or outsourced accountant. Even if one of your current employees is tracking bookkeeping on the side, you’re still paying them for the time they spend away from their regular duties.

Taking advantage of outsourced bookkeeping services can unlock new growth potential for your business. Don’t wait to cross it off your to-do list. Contact ODE Small Business Solutions today to get started or learn more about what we can do for your business.

5 Bookkeeping Nightmares and How to Avoid Them

Posted on July 17, 2018 at 11:45 AM Comments comments (0)

Advantages of an LLC for Amazon Sellers

Posted on July 15, 2018 at 9:55 PM Comments comments (0)

Question of the Week, July 15, 2018

Posted on July 15, 2018 at 9:40 PM Comments comments (0)

Source: H&R Block Tax Institute Tax in the News, July 11, 2018.

Question of the Week, July 1, 2018

Posted on July 5, 2018 at 1:25 PM Comments comments (0)

Source:  H&R Block Tax Institute, April 4, 2018.

Another Business Idea for Entrepreneurs

Posted on June 28, 2018 at 3:15 PM Comments comments (0)

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How the Supreme Court Sales Tax Decision Helps Small Business

Posted on June 26, 2018 at 5:35 PM Comments comments (0)

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No Worries on Business Interest Deduction.

Posted on June 26, 2018 at 5:35 PM Comments comments (0)

No worries on business interest deduction. Small businesses don’t have to worry about the limit on business interest expense deductions: it applies only to businesses with more than $25 million in sales. [Notice 2018-28; 2018-16 IRB 492]. {information obtained from AIPB The General Ledger -- June 2018}.