A balance sheet is basically a picture of exactly where a business stands at any given moment in time. This paper takes into account what a company has and what it owes to get an idea of whether the company is thriving, in trouble, or failing. Smaller businesses with one owner normally create a balance sheet once a year. For larger companies that are publicly owned, a quarterly schedule is considered more appropriate.

As a small business owner, it can feel at times as if hazards and risks are actively working against your success. While you may encounter similar risks as large Fortune 500 companies, the same hazard could result in a catastrophic outcome for your small business. Because of this, it's imperative you effectively engage in risk management. 

As the end of the year approaches, paperwork is on the top of most business owners' lists. This isn't the favorite activity of most, but making sure everything is in order not only helps you know where you stand financially—it also makes the upcoming tax season much less stressful to get through. Having a checklist of tasks that need to be done can make this daunting task much easier. Let's get started.

Every year, millions of Americans file their tax returns. And, every year, thousands of them miss out on valuable tax breaks and never even know about them. Here at the MB Group, we want every client to get the best return possible and never, ever, overpay. Our Certified Tax Coaches work with you year-round to create personalized tax strategies that maximize your return and ensure you are taking advantage of every tax break available.

Today, a stunning 3.2 million people in the United States and 1.3 million internationally utilize QuickBooks Online (QBO). This very popular online accounting software package is designed to primarily help small and medium-sized businesses manage their finances. And if you're considering using QuickBooks Online, it's imperative you have an in-depth understanding of the pros and cons of this solution. Let's take a closer look at the pros and cons of QuickBooks Online. 

As an attorney, you specialize in helping your clients navigate matters of the law. But managing the accounting and tax planning for your firm may be an entirely different story. Because tax laws can be time-consuming, change often, and are virtually impossible for you to stay up to date with, savvy lawyers turn to the MB Group for specialized tax planning for attorneys. 

Whether you're just getting started, entering a period of growth, or looking to streamline processes, technology should be a critical component of your strategy. And if you're looking to purchase new technology for your business, it makes sense for you to strategically do so through the lens of tax deductibility. Fortunately, there are many ways — with proper planning through a tax planning professional — to invest in the future of your business while reducing tax liability. Let's take a closer look at the tax-deductible technology purchases you may be eligible to make. You should, however, always consult with your tax planning professional before making the purchase to ensure it applies to your business. 

Being a business owner or being self-employed opens the door to a vast range of benefits. You will have more autonomy and control over:

As an attorney, you specialize in matters of the law and in helping protect the rights of your clients. And while you may have been able to handle your bookkeeping and accounting in the beginning, the growth of your firm necessitates the implementation of more strategic solutions, such as outsourced bookkeeping. 

In March earlier this year, President Biden signed the American Rescue Plan (ARP) Act. The American Rescue Plan Act is designed to breathe life into the small business community by providing substantial relief. This monumental $1.9 trillion coronavirus relief bill allocates new funds as well as tax credits to help small businesses that may be struggling. While the bill can seem confusing at first glance, we've broken down the top things you need to know about the American Rescue Plan Act. Read on to learn more and don't hesitate to reach out to the team at the MB Group for tailored support and guidance.