The Quantify Blog
The Challenge of Being a Young Entrepreneur
Being a young entrepreneur can be challenging. When I started by business I was 25 years old. Lacking significant experience, it was hard to garner respect for the first couple years. It was especially difficult when you are 25 trying to sell professional services. For a while I never thought I was being taken seriously.…
When Revenue Isn’t Enough
I was chatting with a good friend of mine the other day about a potential job he had for his video production company. He is an extremely talented filmmaker, so I am not surprised that an organization approached him with such a large project. On the surface, this looked like the opportunity of a lifetime.…
Cash vs. Accrual Basis Financials
Keeping your books on the cash vs. accrual basis is a topic that every business owner must consider at some point. Before we dive into which might be better, lets look at a definition for each. Cash Basis is easy. You record cash as it comes in and as it goes out. Can’t get much…
Role of a Financial Controller
Most people have heard of a CFO and a bookkeeper. If you are unfamiliar, CFO stands for Chief Financial Officer. Essentially, they are in charge of all the financial operations of a business. A bookkeeper on the other hand keeps the books in order and makes sure all the transactions get properly entered into the…
4 Benefits of Using QuickBooks Online
One of the most common questions I get asked is what accounting software we recommend. We’ve been using QuickBooks Online (“QBO”) for quite some time now and it works very well for our clients. However, there are certainly other software packages that you can use to run your business. This week I want to shed…
I’m Still Here
It has been quite a while since I last wrote but it feels good to be back. We have been hard at work here at Quantify, bringing on new clients and servicing our existing ones. It feels like we are in a really good groove right now with the types of clients we are working…
Hidden Gem For C-Corporations: Part 2
Last week we discussed a hidden gem of the tax code for C Corporations, Section 1202 Qualified Small Business Stock. This week, I want to discuss another significant tax savings of the tax code for C Corporation owners – Section 1244. What is Section 1244? IRC Section 1244 allows certain shareholders of Qualified Small Business…
Work Smarter, Not Harder – Not so Fast
When I graduated college in May of 2009, my immediate goal following that achievement was to pass the CPA exam. I didn’t start my full-time job until September so I had the entire summer to pass as many sections of the four-part exam as I could. It was a grueling process. I averaged 8 hours…
Hidden Gem For C-Corporations: Part 1
One of the major tax breaks that the new tax laws provided was the implementation of the 21% flat Federal tax rate for C Corporations. Because of this, many existing companies may look to convert their existing business structure to a C Corporation while some new entrepreneurs may also want to consider C Corporations. Since…
Don’t Let the Customer Tell You How to Do Your Job
I first want to thank you all for your patience and continuing to follow along with the blog. There has been a lot going on recently on the personal front so I have had to put some things on the back burner. However, we are ready to start writing again and are looking forward to…
Is a Bookkeeper All I Need for My Business?
This is a very common question among business owners. At times it can be hard to determine the level of accounting service you might need for you business. Let me see if I can shed some light on this situation. When Alex and I first started The Quantify Group, our focus was doing tax return…
5 Reasons You Should Be Using QuickBooks Online
Since I have started my endeavors with The Quantify Group, I have been on countless prospective client meetings. Most of the prospects are small business owners who keep their accounting records on the desktop version of QuickBooks or a comparable program. After I learn this fact from them, my first question to the owner is…