The Best Accounting Software for Small Business (2020)

  A few years ago, I took over as financial secretary for my local synagogue, and I had my first taste of using accounting software. It didn’t go well. Our synagogue was stuck with an outdated program that ran slowly on my laptop and caused me any number of headaches. Without a background in accounting, I found the user experience of the old program to be counterintuitive and difficult to learn. I made many mistakes during … [Read more...]

Xero vs. QuickBooks: Which Accounting Software Will Work Best for Your Small Business?

If you haven’t taken any classes in accounting, using QuickBooks can feel overwhelming. People with accounting backgrounds love the software, but it lacks some user-friendliness for those outside of the accounting profession. Since QuickBooks has been the giant in the small business accounting industry for many years, the choices for keeping the books were limited. Thankfully, the small business accounting software market is starting to change, as new accounting apps … [Read more...]

16 Tips for Saving Money on Your Business Expenses Without Working Harder

As entrepreneurs, we all like to see our revenue grow, right? If you’ve ever started your own business you know that increasing revenue doesn’t come without an investment of hard work and burning the candle at both ends of the stick from time-to-time! Every business requires hard work to get it up and running, even if the objective is to eventually produce passive income. You can find many articles, books, and publications … [Read more...]

Small Business Finances: The Key Financial Pillars of Building a Start-Up

Here's a note from a reader: "...thank you for the information you provided on Entrepreneurship on Fire. I was deeply encouraged and felt led to contact you. I am a 24 year old entrepreneur, economics and finance major, former athlete. Recently I quit my IT sales job to focus on my a project I have been working on since December. My partner and I are launching the site in 6 weeks- online sports media business. Just wanted to ask a … [Read more...]

Time Management for Part-Time Entrepreneurs

Part-time entrepreneurs have the best and worst of both worlds. While they face less financial risk by keeping their full-time jobs while growing their business, they run up against the problem of time management. How do you find the time to grow your business when so much of your time is already spoken for? The secret to managing your time is all about using the time you have in the wisest possible way. Here are four tips for doing just that: 1. Know where … [Read more...]

Which Retirement Plan Should You Choose for Your Business? [Solo 401k vs SEP IRA vs SIMPLE IRA]

One of the most common questions I see from new entrepreneurs is about their retirement plan options. Specifically, I see a lot of people talking about the Solo 401k vs SEP IRA vs SIMPLE IRA.  In short, I find that the SEP IRA is the perfect tool for the part-time entrepreneur who still has a 401k through work. The Solo 401(k), on the other hand, is great for anyone who is fully self-employed in a one-person business. Finally, … [Read more...]

The Real Reason You Need Umbrella Insurance

Umbrella Insurance: Get it before you get blown away by a lawsuit. Did you know that simple things like owning a swimming pool, having teenage drivers and a family dog, owning residential rental estate, and even throwing parties in your home can make you susceptible to being sued? Even the type of car you drive or how likely you are to be Googled can help determine the probability of you becoming entangled in a lawsuit. I have to admit that being sued is one of … [Read more...]

I Chose the Solo (Individual) 401K for My Small Business

After a couple of years away from the corporate world, one thing I did miss was my 401K. The company I used to work for dumped the matching contribution at some point, but I still loved that plan. I could defer taxes on several thousand dollars in income each year. That's a huge benefit in my book. This benefit pushed me to save the maximum each year and amass a decent retirement account for a guy in his thirties. I also had a Roth IRA, which is a great compliment to … [Read more...]

7 Types of Office Space for the Upstart Entrepreneur

Over the past several years, I've been experimenting with different types of office space. I run a solo, online business, and an annual conference with three employees (only one of whom has lived locally). My office needs aren't much. Still, I think it matters where you work. Don't you? I've worked in my old home (the bedroom, the loft, the kitchen table), the local coffee houses, my local library, at a friend's place while he … [Read more...]

Will Your Small Business Survive Your Death?

It's a daunting question. Each of us possesses a strong aversion to discussing our own mortality, much less deal with it. But, as Mr. DeVoe and Mr. Franklin intelligently reasoned, nothing is more certain than our death (and taxes). In business, the survival of your business upon your death is called a "succession plan." If you have not truly reflected the state of your business after your death, you should. It is the most important thing you can do for your … [Read more...]

6 Financial Benefits of Working from Home

Do you work from home? Are you considering it? It can be a big financial benefit for you. I've been working from home for several weeks now since I quit my day job. I've loved it. More importantly, I feel like I can give some honest feedback about how you can save by working from home more. Here are a few ways I've been saving or at least had the opportunity to save: 1. Lower Car Insurance That's right. One of the first things I did once I no longer had a … [Read more...]

Am I Required to Make Estimated Tax Payments on Extra Income?

As you know, I have been self-employed for quite some time now. Most of my self-employment income doesn't have any taxes withheld and is reported on a 1099. That means I have to make quarterly estimated tax payments. There can be a lot of confusion about how to handle such estimated tax payments. Coincidentally, I just received a related tax question from a reader: My wife has a full-time job in which taxes are withheld from her paycheck as typical with an … [Read more...]